证券日报网讯欧菲光（002456）9月26日在互动平台回答投资者提问时表示，公司是国内领先的机器视 觉深度相机系统解决方案提供商，构建了完整的3D视觉感知技术体系，尤其在3DToF(飞行时间测距)方 向技术实力深厚。依托在光电核心器件、光学设计、深度算法及先进制造等核心技术方面的多年积累， 公司建立了从芯片级器件、模组制造到系统集成的垂直整合能力，技术方案已在智能手机、智能汽车、 服务机器人、AR/VR及IoT(物联网)等领域实现规模化商业落地。在机器人领域，目前公司产品主要应 用于扫地机器人和服务机器人等。公司微电子团队2019年进入机器人赛道，2024年推出双光源ToF专利 架构方案，实现"避障+定位导航技术"、10米探测距离、低功耗、高采样率、低算力等优势。未来，公 司将继续深耕机器人赛道，持续研发创新，提供更有性价比、更高性能的智能产品解决方案，助力产业 升级。公司已与众多品牌客户建立了长期、稳定的深度合作关系。相关产品的供应情况请咨询终端品牌 或参考公开信息。 ...

Core Viewpoint - The company, Orbbec, reported significant growth in its H1 2025 performance, achieving a revenue of 435,469,288.84 yuan, a year-on-year increase of 104.14%, and turning a profit with a net profit of 60,190,103.28 yuan, compared to a loss in the previous year [3][4]. Financial Performance - Revenue for H1 2025 reached 435,469,288.84 yuan, up from 213,315,786.16 yuan in the same period last year, marking a 104.14% increase [4]. - The total profit for the period was 51,857,544.15 yuan, a significant turnaround from a loss of 51,981,303.30 yuan in the previous year [4]. - Net profit attributable to shareholders was 60,190,103.28 yuan, compared to a loss of 53,373,140.62 yuan in the prior year [4]. - The net profit after deducting non-recurring gains and losses was 30,189,151.39 yuan, recovering from a loss of 80,905,992.29 yuan [4]. - The net cash flow from operating activities was 84,361,153.19 yuan, an increase of 11,351,070.00 yuan from the previous year [4]. - As of the end of H1 2025, total assets were 3,327,061,105.46 yuan, a slight increase of 0.06% year-on-year, while net assets attributable to shareholders rose by 2.26% to 2,932,076,738.45 yuan [4]. Earnings Per Share - Basic earnings per share for H1 2025 were 0.15 yuan, recovering from a loss of 0.13 yuan in the same period last year [5]. - Diluted earnings per share were also 0.15 yuan, compared to a loss of 0.13 yuan previously [5]. - The weighted average return on equity was 2.07%, improving from -1.79% in the prior year [5]. Research and Development - The company invested 20.94% of its revenue in R&D, a decrease of 28.77 percentage points from 49.71% in the previous year [5]. - As of the report date, the company had applied for a total of 1,903 patents, including 990 invention patents, and had obtained 1,112 patents, with 479 being invention patents [8]. Market Strategy and Product Development - The company is actively promoting its 3D vision perception technology across various industries and applications, focusing on enhancing product performance and launching differentiated, cost-effective products [6]. - In the field of AIoT, the company is expanding into emerging business scenarios, with a diversified market strategy yielding results in areas such as 3D scanning, service robots, and AR/VR technology [6]. - The company has established a strong international presence, having set up a wholly-owned subsidiary in the U.S. in 2014 to serve overseas customers, making it one of the few domestic companies with stable overseas sales channels for 3D vision products [7]. - The launch of the new industrial-grade dual-lens 3D camera, Orbbec Gemini 435Le, is aimed at meeting diverse functional requirements in industrial automation, such as obstacle avoidance and recognition [7].

Core Viewpoint - Orbbec Inc. plans to issue A-shares to specific investors in 2025, aiming to enhance its capital structure and support its growth in the 3D visual perception technology sector [2][15][27]. Company Overview - Orbbec Inc. specializes in the design, research, production, and sales of 3D visual perception products, including 3D visual sensors and application devices for both consumer and industrial markets [6][7]. - The company is recognized as one of the few in China to systematically develop and industrialize 3D visual perception technology, holding a comprehensive portfolio of proprietary technologies [7][8]. Financial Data - As of March 31, 2025, the total assets of the company amounted to 323,160.44 million yuan, with total liabilities of 32,727.23 million yuan, resulting in total equity of 290,433.21 million yuan [4]. - The company reported a net profit of 2,416.60 million yuan for the first quarter of 2025, marking a significant improvement compared to previous years [4][5]. Business Operations - The main business operations focus on 3D visual perception technology, with applications in various sectors such as AIoT, robotics, and industrial measurement [6][8]. - The company has established a strong customer base, serving thousands of clients globally and becoming a standard product for leading industry players [8]. Market Position - Orbbec Inc. is among the few global companies capable of mass-producing 3D visual sensors, competing with major players like Apple, Microsoft, and Intel [7][8]. - The company has developed a comprehensive technical system that includes a wide range of technology routes, ensuring its competitive edge in the rapidly evolving market [8]. Future Prospects - The planned issuance of A-shares is expected to provide the necessary funding for ongoing research and development, particularly in the fields of AI and robotics [15][27]. - The company aims to leverage its technological advancements to capture a larger market share as the demand for 3D visual perception technology continues to grow [8].

Group 1: Huanxu Electronics (环旭电子) - Huanxu Electronics has made progress in SiP modules, AI glasses, servers, and optical modules [1] - New applications for SiP modules are emerging in mobile phones and AI glasses, with the L10 server JDM project already delivered [1] - The company aims for a 30% growth in I acceleration card market share and plans to expand its mainboard business [1] Group 2: Orbbec (奥比中光) - Orbbec focuses on the "robotics and AI vision industry platform" strategy, utilizing 3D vision sensors to empower robots [2] - The company has established long-term partnerships with leading clients in the Chinese service robotics sector and is actively expanding into industrial and humanoid robot markets [2] - Collaboration with NVIDIA is underway to advance robot development through 3D vision perception technology [2]

Core Insights - The article highlights the advancements in robotics technology, particularly focusing on humanoid robots and their applications in various industries [1][2][7] - Shenzhen is emerging as a hub for robotics innovation, with a significant increase in the number of companies and overall industry output [6][7] Company Developments - Shenzhen-based Zhongqing Robot Technology Co., Ltd. is developing humanoid robots with advanced capabilities, including a robot named PM01 that can perform complex movements and has 24 degrees of freedom [1][2] - The company is focusing on overcoming challenges in robot stability and obstacle avoidance, aiming for broader applications in the future [2] Industry Trends - The robotics industry in Shenzhen is experiencing rapid growth, with over 74,000 companies projected by the end of 2024, and a total industry output expected to exceed 200 billion yuan, marking a year-on-year growth of 12.58% [6] - The integration of technology and industry is accelerating across China, with cities like Beijing, Shanghai, and Hangzhou establishing deep collaborations in research and development [7] Technological Innovations - The article discusses the importance of core technologies, such as the MX6600 chip developed by Orbbec, which plays a crucial role in 3D visual perception for robots [4] - The Shenzhen Artificial Intelligence and Robotics Research Institute is working on various types of robots, including micro-nano medical robots designed for targeted cancer treatment [5][6]

Core Viewpoint - The company, Aobo Zhongguang, has achieved significant growth in revenue and profitability, driven by its focus on robotics and AI visual technology, establishing itself as a leader in the industry [2][3]. Group 1: Financial Performance - In Q1 2025, Aobo Zhongguang reported revenue of 191 million yuan, a year-on-year increase of 105.63%, and a net profit of approximately 24.32 million yuan, marking a turnaround to profitability [2]. - The production volume of 3D visual sensors reached 888,400 units in 2024, reflecting a year-on-year growth of 17.1% [5]. Group 2: Technological Advancements - The company has developed and mass-produced five generations of deep engine chips and multiple types of depth-sensing chips, maintaining an annual iteration pace [2]. - Aobo Zhongguang possesses core technological capabilities in chip design, optics, and algorithms, with a comprehensive product development capability across various technical routes including structured light, iToF, dToF, and Lidar [3]. Group 3: Market Position and Expansion - Aobo Zhongguang has established a dominant position in the domestic service robot vision market and is actively expanding into industrial robotics and humanoid robots, leveraging its first-mover advantage [4]. - The company is constructing a "3D Visual Perception Industry Intelligent Manufacturing Base" in Shunde, with a building area exceeding 100,000 square meters, to enhance its supply chain and production capacity [5]. Group 4: Strategic Collaborations - The company has formed stable ecological partnerships with international giants such as Microsoft, NVIDIA, and AMD, integrating its products into various developer ecosystems [2]. - Notably, the Femto Bolt depth camera from Aobo Zhongguang was utilized in a breakthrough project in the field of spatial intelligence by Stanford University, showcasing its technology's application in optimizing robotic actions [3].

Core Viewpoint - The article discusses the recent performance of the A-share market, highlights key companies undergoing institutional research, and provides insights into their business developments and market outlooks. Group 1: A-share Market Performance - From May 12 to May 16, the A-share market showed stable performance, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index gaining 1.38% [2]. Group 2: Institutional Research and Key Companies - A total of 163 listed companies disclosed institutional research records, with Anji Technology being the most popular among institutions, attracting 241 institutions for research on May 12 [3]. - Anji Technology, established in 2006, has a market capitalization exceeding 20 billion yuan and focuses on high-end semiconductor materials. Its main products include chemical mechanical polishing liquids and electronic chemical products, which are widely used in integrated circuit manufacturing [3]. - Anji Technology's executives noted that they have completed the platform construction for their electroplating liquids and additives, with significant growth in functional wet electronic chemicals, particularly in post-etching and post-polishing cleaning liquids [3]. - The company expressed a cautious outlook for market demand in the second half of the year, citing a mismatch between its revenue and the performance of some downstream wafer factory clients [4]. Group 3: New Times and Haier Group - New Times received secondary research from 82 institutions, with the focus on the progress of Haier Group's acquisition. In February, Haier Group signed agreements to gain control of New Times for 1.3 billion yuan [4][5]. - New Times specializes in elevator control, robotics, and control systems, ranking second globally in elevator controllers and fourth globally in SCARA robots [4]. - New Times indicated that the transaction with Haier Group has not yet been officially completed, but post-completion, both companies will enhance collaboration to leverage each other's strengths in industrial automation [5]. Group 4: Focus on Obsidian Technology - Obsidian Technology, a key player in the humanoid robot supply chain, has achieved a high market share in the service robot sector and has established partnerships with several leading companies [6]. - The company highlighted the high barriers to entry in the 3D vision perception industry, which ensures a stable competitive landscape. It plans to increase investments in the downstream market over the next three to five years to maintain its technological and market leadership [6].

Group 1 - The A-share market showed stable performance during the week of May 12 to May 16, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index up by 1.38% [1] - A total of 163 listed companies disclosed institutional research records, with Anji Technology being the most popular among institutions, attracting 241 institutions for research on May 12 [1] - Anji Technology, established in 2006, has a market capitalization exceeding 20 billion yuan and focuses on high-end semiconductor materials, including chemical mechanical polishing liquids and functional wet electronic chemicals [1] Group 2 - Anji Technology's executives indicated that the company has completed the platform construction for its electroplating liquids and additives, continuously investing in R&D and promoting localized production [1] - The functional wet electronic chemicals business is experiencing significant growth, particularly in post-etching and post-polishing cleaning liquids [1] - Anji Technology expressed a cautious outlook for market demand in the second half of the year, noting that its revenue may not align with the performance of some downstream wafer fabrication clients due to a broad business scope and reduced customer concentration [2] Group 3 - New Timesda received attention from 82 institutions for a second round of research, with the focus on the progress of Haier's acquisition [2] - Haier Group, through its subsidiary, signed a share transfer agreement to gain control of New Timesda for 1.3 billion yuan, which specializes in elevator control and robotics [2] - New Timesda's elevator controller business ranks second globally, while its SCARA robots rank fourth globally and second domestically [2] Group 4 - New Timesda confirmed that the transaction with Haier Group has not yet been officially completed, and post-completion, both parties will enhance collaboration to promote mutual development [3] - New Timesda aims to leverage Haier's industrial internet platform to strengthen collaboration across the industrial automation supply chain [3] - Other popular research targets included Haida Group, Obsidian Technology-UW, Sunshine Nuohe, and Shijia Photon, with Obsidian Technology-UW being a key player in the humanoid robot supply chain [3][4] Group 5 - Obsidian Technology-UW has achieved a high market share in the Chinese service robot sector and has established partnerships with several leading service robot clients [4] - The company highlighted the high barriers to entry in the 3D vision perception industry, which requires significant technology, funding, and talent [4] - Obsidian Technology-UW plans to increase investments in the downstream market over the next three to five years to maintain its technological and market leadership [4]

Core Insights - The company has successfully launched the first phase of its manufacturing base in Shunde, focusing on 3D vision sensors and AI edge hardware [1] - By the end of 2023, the company is investing in the "3D Vision Perception Industry Intelligent Manufacturing Base Project" in Shunde, Foshan, to provide flexible and reliable ODM/OEM services for various intelligent edge hardware clients, including robots [1] - The company has achieved a technological closed loop from the underlying chip architecture, core algorithm development, integrated optical engine, to upper application solutions, enabling domestic adaptation in key supply chain links [1]

Group 1 - The company has proposed a profit distribution plan for 2024, which includes no cash dividends, no bonus shares, and no capital reserve transfers, except for the already implemented share buyback [20][21][25] - The company reported a net loss of RMB 62.91 million for 2024, with the parent company's net profit at RMB -117.81 million, resulting in a negative distributable profit of RMB -1.14 billion at year-end [20][22] - The decision to not distribute profits is based on the company's current operating conditions and future funding needs, aiming to ensure stable operations and enhance risk resistance [22][25] Group 2 - The company plans to apply for a total comprehensive credit limit of up to RMB 1.5 billion for 2025, which includes various financing options such as working capital loans and project loans [28][29] - The company intends to provide a guarantee limit of up to RMB 500 million for its wholly-owned subsidiaries, ensuring their operational and business development needs are met [28][31] - The board and supervisory committee have approved these proposals, emphasizing that they align with the company's overall development strategy and do not pose risks to the company or its shareholders [36][37]